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Thread: Bitcoin currency discussion

  1. #101
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    Bitcoin analysis for 05 February, 2018.

    In three of the largest US banking groups, customers will not be able to pay for credit cards with Bitcoin. This prohibition applies to JPMorgan Chase, the Bank of America and Citigroup. The reason is the investment risk, because with such fluctuations in Bitcoin rates, banks are beginning to approach investing in crypto assets as gambling. First, credit institutions began to withdraw from running accounts to business entities dealing in the trade of virtual "currencies", and now restrictions begin to affect individual customers. In the United States, bans begin to appear in the case of crediting bitcoin investments.

    Of the three banks that decided to take such a step, JPMorgan Chase's position is the least surprising. The president of the largest American bank, Jamie Dimon, called bitcoin a scam. What's more, he announced that he would release "without a second of hesitation" any trader who would invest money into a virtual "currency". The current position of the bank sent to the CNBC editorial office reads: "At the moment, we do not settle the purchase of cryptocurrencies using credit cards due to their high volatility and risk."

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The most important intraday support is at the level of $,7531 and any violation of this support will lead to the further sell-off extension towards the next target projection at the level of $6,741.Please notice that the bullish divergence between the price and the momentum oscillator is growing up.


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  3. #102
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    Bitcoin analysis for 06 February, 2018.

    The British credit card issuers are afraid that people will get into debt if they buy cryptocurrencies and the prices will continue to fall. The Lloyds Banking Group will issue a statement to its nine million credit card users today. According to reports, the bank will block all attempts to buy cryptocurrencies using credit cards. However, debit cards are still accepted. In an email, a company spokesperson said: "We do not accept purchases of cryptocurrencies made with credit cards at Lloyds Bank, Bank of Scotland, Halifax and MBNA".

    The banking giant is the first in the UK that limits its credit cards and the purchasing power of its customers. It could additionally exacerbate the drop in prices because it became a bit more difficult to buy cryptocurrencies. Some banks are already anti-crypto because decentralized money is against their business model. This movement follows a wave of government regulations around the world which want to prevent the use of digital currencies for criminal activity. In contrast to many misleading reports in the mainstream media, there was no ban on trade or trading in India or South Korea. Three large US banks take a similar stance on the last week's announcements. JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. stated that they would no longer allow the purchase of a crypt by means of a credit card. Using a credit card is riskier, and the banks try to mitigate it by forcing their clients to use their own money to buy virtual currencies. They are also concerned that customers will spend more than they can afford - which is much easier when they are not their money.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The overall rally to the level of $19,550 might be considered completed, and the correction to the downside is the part of another, bigger cycle. Currently, the price has reached the territory of the previous wave (4) of the lower cycle, and the low of this wave is at the level of $5,520. This might be the level for a bounce higher.


  4. #103
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    Bitcoin analysis for 07 February, 2018.

    The Deputy Prime Minister of Singapore, Tharman Shanmugaratnam, made a new comment regarding the government's commitment not to ban cryptocurrencies - as part of its future regulatory plans. In a series of fourteen statements published on Monday, February 5 in response to questions from parliamentarians - Tharman Shanmugaratnam, deputy prime minister, and minister responsible for the regulatory body, namely the Singapore Monetary Office (MAS), confirmed the passive cryptocurrency policy in the future."MAS is carefully monitoring these events and the potential risks they pose. So far, there is no strong argument to prohibit trading in cryptocurrencies "- Deputy Prime Minister said.

    Like Japan, in the last few years Singapore has emphasized that it is a permissive environment for both cryptocurrencies and Blockchain innovations. In contrast to China and Indonesia, the city-state favored Blockchain in particular as part of its desire to become a global technology center. Referring to the discrepancy between Singapore and its neighbors, Shanmugaratnam pointed out that the volumes involved were relatively small and that the exposure to the financial system was insignificant. "For now, the nature and scale of cryptocurrency trading in Singapore do not pose a threat to the security and integrity of our financial system (...) In addition, the links between cryptocurrency transactions and the Singapore financial system are not significant at the moment. The Singapore banking system has no significant exposure to global and local cryptocurrency entities. Therefore, we do not have wider, systemic risk concerns with regard to cryptocurrencies "- Shanmugaratnam continued. Last month, Managing Director of MAS, Ravi Menon, spoke in a similar way to the future of cryptocurrencies when he went to the mainstream media to say that he hopes that assets and underlying technology will endure a serious breakdown.

    Let's now take a look at the Bitcoin technical picture at the daily time frame. The price hs bounced from the longer trend line dynamic support at the level of $5,846 and is trying to move higher. The low at the level of $5,846 might be the bottom of the wave (C), but it needs a further confirmation. The next important technical resistance is seen at the level of $9,132.


  5. #104
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    Analysis of Bitcoin for 08 February, 2018.

    Bitcoin should establish itself as means of quick, safe and cheap payments. New technologies and diagrams are implemented that will ensure almost instant payments with low-value Bitcoin. Conner Fromknecht and Olaoluwa Osuntokun proposed a new system that they call Atomic Multi-Path Payments (AMP) over Lightning. According to AMP supporters, sending payments via this protocol would bring a number of benefits, such as improving the privacy of Lightning Network brokers and reducing fees.

    This system now joins countless programs and new technologies that promise to solve the Bitcoin scalability problem. Other options include SegWit, Schnorr signatures, and Lightning Network. The AMP protocol would operate via the Bitcoin Lightning Network.

    Segwit is another key Bitcoin optimizer that can improve its scalability and reduce transaction fees. It would also help to improve the continuity of transactions in the Lightning Network. Since activating SegWit in August 2016, programmers are increasingly integrating SegWit with Bitcoin portfolios, and several exchanges are already implementing it. Recently, on February 5 2018, Coinbase announced that the final testing phase had begun and that Segwit would be available to Coinbase customers in the next few weeks.

    AMP is another program that together with Lightning Network promises to help solve the problem of Bitcoin scalability. Bitcoin enthusiasts and investors predict that AMP will receive support from all cryptocurrency stakeholders.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market bounced right from the weekly pivot support at the level of $5,912, just a little below the grey rectangle target zone of $6,314 - $6,742. Currently, the price is trying to bounce higher towards the level of $9,118 and then possibly towards the level of $9,515. Those two levels are the key to future gains.


  6. #105
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    Bitcoin analysis for 15 February, 2018.

    The seven largest cryptocurrency companies in the world joined forces to create CryptoUK, the first of its kind, a trade association whose aim is self-regulation in the British digital currency industry. CryptoUK consists of global trading platforms and cryptocurrency services: Coinbase, eToro, CryptoCompare, CEX.IO, BlockEx, CoinShares and CommerceBlock.

    CryptoUK intends to work with the UK government to comply with a code of conduct that will help prevent money laundering and other illegal activities involving Bitcoin and other cryptocurrencies, and better protect customers. However, the group will not deal with the regulation of ICO, the area of the cryptocurrency industry, which is widely criticized by regulators around the world.

    CryptoUK President and Managing Director of eToro, Iqbal Gandham, stated that the new self-regulatory body aims to promote best practices and cooperation with the government and regulators, adding that the company will become a model for the future regulatory framework. Last week, the head of the American Commodity Futures Trading Commission, Brian Quintenz, suggested that the cryptocurrency community should create their own regulatory system or self-regulatory organization (SRO) to avoid the government's harder hand.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has finally broken above the local resistance at the level of $9,146 and tested the key resistance at the level of $9,515. Now the market is just under the weekly pivot resistance at the level of $9,837 and it might want to go higher towards the level of $10,000 and then $10,999.


  7. #106
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    Bitcoin analysis for February 16, 2018

    Bitcoin (BTC) has been trading sideways at the price of $9.700. Japan's two cryptocurrency associations have reportedly decided to merge in order to restore trust in the industry and accelerate self-imposed rules. Once approved by the Japanese financial regulator, the new organization will have the power to set penalties for breaches of self-regulation. The technical picture is from neutral to bearish.

    Trading recommendations:

    According to the 4H time - frame, I found rejection of resistance at the price of $10.000, which is a sign that buying Bitcoin at this stage looks risky. I also found the upward trendline in the background and my advice is to watch for potential brerakout of the trendline to confirm a further downward movement. Downward targets will be set at the price of $9.000 and at the price of $8.280.

    Support/Resistance

    $10.233 Intraday resistance
    $9.440 Intraday support
    $9.000 Objective target
    1 $8.280 Objective target 2

    With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.


  8. #107
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    Bitcoin analysis for 20 February, 2018.

    Cryptocurrency fraud has generated over 1,200 complaints to the Australian consumer law monitoring authority in 2017. Data from the Australian Commission on Competition and Consumers (ACCC) disclose 1289 complaints, some of which seem to refer to ICO. Australia has not responded to the recent requests from international regulators to closely follow the sale of cryptocurrency tokens and related activities. Since the World Economic Forum at the end of January 2018, the US Securities and Exchange Commission (SEC) has prepared plans for further control of financial products, which were subsequently repeated by other entities, including the European Union. "These are quite speculative products and can be very risky (...). It has been documented that some of these products are scams, so do not invest unless you are willing to lose some or all of your money." - writes John Price, the Commissioner for Financial Supervision, the Australian Securities and Investment Commission (ASIC).

    So the old saying "do your own research" is now more accurate than ever, especially in the cryptocurrency world. Please bear that in mind while choosing the new ICO crypto start-up before you decide to invest any sum of money in a particular project.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market did not make any bigger correction in wave (4), instead, it made a new local high at the level of $11,554. This is very close to the important technical resistance at the level of $11,896 and golden trend line as well, so some kind of a corrective pull-back might be expected soon. The support is seen at the level of $10,190 (weekly pivot point) and $9,707.


  9. #108
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    Bitcoin analysis for 21 February, 2018.

    On Monday, February 19, the UK newspaper The Telegraph gave the statement of the Bank of England Governor, Mark Carney, in which he stated that according to traditional definitions Bitcoin cannot be considered a legal currency. During an event at London's Regent's University, Carney said that Bitcoin did not meet the two main requirements of the traditional currency, it is neither a means of exchange nor a means of storing value. The argument that cryptocurrencies are not usable as a means of exchange is, in particular, the case with Bitcoin. On January 24, 2018, the Stripe payment processor ceased to use Bitcoin due to high fees and slow transaction confirmation times. Earlier on December 7, 2017, the Steam gaming platform stopped accepting Bitcoin payments, citing transaction fees of up to USD 20 and high volatility. Carney also stated that Blockchain technology, on which cryptocurrencies are based, may still be useful due to its decentralized nature: "The basic technology of cryptocurrencies may prove to be useful as a method of verifying financial transactions in a decentralized manner."

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The five waves up seem to be completed with a high at the level of $11,800, just after the golden trend line was hit. It is quite possible, that a corrective cycle is in progress. The next target is at the level of weekly pivot support at $10,180, but it might easily be violated, so then the price will likely drop towards the next support at the level of $9,434.


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  11. #109
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    Bitcoin analysis for 23 February, 2018.

    According to a BBC report from February 22, the British Parliament's Treasury Committee will start investigating cryptocurrencies and their impact on the British investors and the company. The investigation is caused by the growing global interest in cryptocurrencies, as well as the recent rise and fall of the crypto market from the new year. Nicky Morgan, chairman of the Treasury Committee, told the BBC that she wanted to protect people who "may not be aware that cryptocurrencies are currently unregulated in the UK", but do not want to interfere with the blockchain technology behind digital currencies. "The Treasury Committee will look at the potential risks that digital currencies can bring to consumers, businesses and governments, including the risk of price volatility, money laundering and cyber crime, as well as the potential benefits of cryptocurrencies and Blockchain technology. It will also assess the creation of innovative opportunities and the possible degree of disruption of the economy and the replacement of the traditional method of payment." - Morgan told the BBC.

    The BBC writes that the commission will examine what it considers crucial in the sphere of cryptocurrencies, namely, whether they could ever replace traditional payment systems. And if so, what benefits would it bring to society, businesses and governments. Regarding regulation, the committee will hear evidence on how regulation could "bring benefits to digital currency start-ups by increasing consumer confidence" and examine how other countries have dealt with regulating digital currencies. The British House of Parliament also recommended exploring the blockchain technology for government services, including national security and public security, healthcare, cyber security, customs and immigration.

    Let's now take a look at the bitcoin technical picture on the H4 time frame. The price has retraced 38% of the previous swing up and bounced from the level of $9,404. This level might be a bottom for the wave 2 as there is a clear double ZigZag structure inside this wave. Currently, the key resistance is seen at the level of $10.120, so if this level is violated, then the price will rally towards the wave 1 high at the level of $11,750.


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